Short-term investments

9 Months Ended

Sep. 30, 2011

Short-term investments [Abstract]

Short-term investments

2. Short-term investments

In July 2005, the Company reached an agreement with FluoroPharma to terminate a development agreement between the Company and FluoroPharma in exchange for 25,000 shares of FluoroPharma Series A Preferred Stock. In February of 2006 the 25,000 shares of Series A Preferred Stock were converted into 25,000 shares of common stock of FluoroPharam as part of a refinancing transaction. The Company had been accounting for this investment under the cost method, and as such had no value ascribed for this investment in the Condensed Consolidated Balance Sheet at December 30, 2010.

On May 16, 2011, FluoroPharma Medical, Inc. f/k/a Commercial E-Waste Management, Inc., a Nevada corporation (“FPM”), entered into an Agreement and Plan of Merger and Merger (the “Merger Agreement”) by and among FPM, FluoroPharma, Inc., a Delaware corporation (“FPI”), and FPI Merger Corporation., a newly formed, wholly owned Delaware subsidiary of FPM (“MergerCo”). Upon closing of the merger transaction contemplated under the Merger Agreement (the “Merger”), on May 16, 2011, MergoCo merged with and into FPI, and FPI, as the surviving corporation, became a wholly owned subsidiary of FPM. In June 2011 FluoroPharma Medical, Inc. stock began trading on the Pink Sheets OTC Market under the symbol FPMI.

On September 16, 2011, the Company was issued 39,209 restricted shares of FluoroPharma Medical, Inc. with a closing price of $1.88 on September 30, 2011. Although these shares remain restricted under Rule 144 and have very light trading volume since they began trading in June 2011, these shares are now considered marketable securities and are no longer accounted for under the cost method. Due to the shares trading restrictions and light trading volume the shares have been recorded in the Condensed Consolidated Balance Sheet at September 30, 2011 at a 20% discount or $1.50 per share for an aggregate value of $58,414.